Posted by GMann on May 08, 2003 at 23:18:12:
There are 100% loans for owner occupied 2-units. You will just have to apply with a mortgage company and see what your options are. I would definately call a mortgage broker instead of a bank because they have the widest array of programs. Check your local yellow pages.
owner-occupant - Posted by Valerie
Posted by Valerie on May 08, 2003 at 19:23:18:
i had posted this on the main page, but i was told i might have more success here:
i’m looking to purchase a two-unit (2 apartments in what used to be a single family home) HUD home and live in one unit while renting out the other. i have found a property - appraised at $25,000, offered at $22,500.
i am a college student who works two part time jobs during the semester, and full time during the summer. my pay is not good, and i have very little credit history, but i am currently splitting $430 in rent, plus some utilities. i have estimated monthly payments for the property i wish to purchase to be ~$250 (plus utilities, insurance, taxes, etc.), also split two ways, not including whatever money i can collect from the rental unit (assuming i can find a tenant).
does this sound like a feasible idea? how do i go about finding a lender who will work with someone in my situation? i hope to put 10% down. any suggestions for finding a partner/cosignor if i cannot get approved on my own?